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Healthcare domain has critical importance of the data management, as medical records and patient history play significant role in medical claims and reimbursement. Electronic Data Interchange (EDI) is the software medium for transaction of data among various healthcare providers and payers via computer systems. Organizer can process and track claims through the entire billing cycle via EDI service. The healthcare industry explored EDI to address the challenges of reducing healthcare cost and replacing paper-based transaction with standard electronic transaction.
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Healthcare EDI Market Value Projected to Expand by 2018- 2026 Healthcare EDI Market by Component (Services and Solutions), by Delivery Mode (Web & Cloud-based EDI, EDI VAN, Point-to-Point EDI, and Mobile EDI), by Transaction Type (Claims Management and Healthcare Supply Chain), by End User (Healthcare Providers, Healthcare Payers, Medical Device & Pharmaceutical Industries, and Pharmacies), and by Region - Size, Share, Outlook and Opportunity Analysis 2018 - 2026 Healthcare domain has critical importance of the data management, as medical records and patient history play significant role in medical claims and reimbursement. Electronic Data Interchange (EDI) is the software medium for transaction of data among various healthcare providers and payers via computer systems. Organizer can process and track claims through the entire billing cycle via EDI service. The healthcare industry explored EDI to address the challenges of reducing healthcare cost and replacing paper-based transaction with standard electronic transaction. Moreover, government acts such as Health Insurance Portability Act of 1996 (HIPAA) created standards to achieve administrative simplicity in healthcare industry.
The benefits of EDI over conventional method of data interchange is the major factor driving the healthcare EDI market growth. EDI reduces data entry time, improves accuracy, reduce operational cost, and also reduce the rework. Such key features of EDI software supports the growth of healthcare EDI market. Healthcare EDI Market Dynamics Increasing digitization and paperless office is enhancing the growth of healthcare EDI market. Conventionally, data transfer was subjected to paper-based communication, increasing the chance of human error and making the workflow cumbersome. Henceforth, EDI is an essential component for creating administrative efficiencies by reducing time and significant cost saving. Healthcare EDI market is propelled by increasing adoption of EDI facilities in order to accelerate financial performance and profitability for healthcare payers and providers. For instance, according to GE Healthcare, the Centricity EDI Service of GE Healthcare employs more than 2,100 healthcare providers to manage around 588 million transaction annually. EDI is adopted to reduce the claim rejection and denials as well as reduce time requirement for submission and remission of claims. Healthcare EDI Market - Taxonomy On the basis of component, the healthcare EDI market is segmented into: • Services • Solutions On the basis of delivery mode, the healthcare EDImarket is segmented into: • Web & Cloud-based EDI • EDI VAN • Point-to-Point EDI • Mobile EDI
On the basis of transaction type, the healthcare EDImarket is segmented into: • Claims Management • Claims Submission • Claim Status • Eligibility Verification • Payment Remittance • Referral Certification & Authorization • Claim Payments • Others • Healthcare Supply Chain On the basis of end user, the healthcare EDImarket is segmented into: • Healthcare Providers • Healthcare Payers • Medical Device & Pharmaceutical Industries • Pharmacies Healthcare EDI Market – Competitive Analysis Healthcare EDI market is dominated by the few major players such as Optum Inc., Dell Technologies Inc., General Electric Company, Emdeon Inc., The SSI Group, LLC, ZirMed, Inc., Tallan, Inc., Quadax, and Allscripts Healthcare Solutions Inc. The market player involved in healthcare EDI market are focused on improving the EDI facilities by using various strategies. For instance, in 2015, Medical Transcription Billing, Corp., a healthcare information technology company, acquired three divisions of QHR Corporation, Canada-based
healthcare technology company. The QHR Corporation is involved in healthcare clearinghouse, Electronic Data Interchange (EDI), and revenue cycle management divisions. Ask For Sample Copy Of This Business Research Report : https://www.coherentmarketinsights.com/insight/request-sample/2006 Healthcare EDI Market - Regional Analysis Regional segmentation of healthcare EDI market by Coherent Market Insights include North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America healthcare EDI market holds dominant position in the global healthcare EDI market, owing to the dominant position is the advanced healthcare infrastructure of the region. Moreover, increasing adoption of technologically advanced facilities to improve the healthcare facilities are expected to boost the regional healthcare EDI market growth. However, Asia Pacific healthcare EDI market is expected to witness fastest growth attributed to improving healthcare infrastructure in the region, thereby providing the market opportunity for the market players to penetrate in Asia Pacific region. About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us: Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1–206–701–6702 Email: sales@coherentmarketinsights.com
